Sugarbud Announces Positive EBITDA Result for Q4, 2020 and Filing of Financial & Operating Results for the Year Ended Decembe...
April 30 2021 - 6:57PM
Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.DB, SUGR.WR,
SUGR.WS, SUGR.WT) (OTCQB: SBUDF) (
"Sugarbud") is
pleased to announce that the Company recorded its first positive
EBITDA result in Q4, 2020 and the filing of its audited
consolidated annual financial statements (
"Financial
Statements"), related management’s discussion and analysis
(
"MD&A") and annual information form
(
"AIF") for the year ended December 31, 2020,
which are available on SEDAR at www.sedar.com and on
Sugarbud's website at www.sugarbud.ca.
"2020 was a pivotal and exciting year for
Sugarbud as we completed our first full year of operations as a
craft cannabis producer - culminating with our first positive
EBITDA result of $89,998 in Q4, 2020 and our fourth consecutive
quarter of EBITDA growth. Despite an exceptionally challenging
environment, we made meaningful and substantial progress against
our primary operational and commercial objectives in a very short
period of time. Much of 2020 was focused on establishing a firm
foundation of operational excellence, developing our innovative and
diverse product portfolio, successfully launching our Craft
Cannabis Collection and expanding our reach to consumers in key
markets such as Alberta, British Columbia and Saskatchewan," stated
John Kondrosky, President and CEO of Sugarbud.
Key Operating Highlights for
2020
- Successfully produced 547,904g of
premium craft cannabis over 5 harvests
- Obtained an amended sales license
permitting the direct sale of dried cannabis to authorized
provincial/territory retailers/distributors and registered medical
patients
- Launched the Sugarbud Craft
Cannabis Collection of exceptional dried flower and pre-roll
products
- Established provincial supply
agreements with Alberta, British Columbia and Saskatchewan
- Received our first $1MM in purchase
orders in Q4 2020
- Recorded net revenue for the
company in Q4 2020 of $412,964
- Achieved an average net selling
price per gram of $6.74
- Delivered positive EBITDA in Q4
2020 of $89,998 – Sugarbud’s fourth consecutive quarter of EBITDA
growth
- Improved full year over year EBITDA
by $3.8MM vs 2019.
"We made great strides in establishing our reach
to core target consumer groups in 2020 and solidifying the Sugarbud
brand as a leading brand in the craft cannabis space. Our year end
results indicate that we remain on the right strategic path and are
a clear testament to our disciplined and focused approach to cost
management, operational excellence and more fundamentally - our
focus on exceptional consumer driven craft cannabis products. We
believe that our ongoing focus and execution against our stated
strategy has positioned Sugarbud for a very strong 2021," concluded
Mr. Kondrosky.
About Sugarbud
Sugarbud is an Alberta-based, consumer-driven
boutique craft cannabis company focused on the cultivation and
production of superior, select-batch, craft cannabis products. Our
vision and mission are to become a trusted and well-respected
consumer brand renowned for providing exceptional high-quality
craft cannabis products to legal markets by delighting the
most discerning of cannabis consumers.
The Sugarbud Craft Cannabis Collection offers
consumers "Hand-Crafted Cannabis for a New Era". The Company is
proudly Albertan and is proud to share Western Canada's long
tradition of exceptional craft cannabis with the most discerning of
enthusiasts. Sugarbud strives to define the intersection of product
craftsmanship, quality, and value for consumers in the Canadian
craft cannabis space.
http://www.sugarbud.ca/
CONTACTS:
John Kondrosky Chief Executive
Officer Sugarbud Craft Growers Corp. Phone: (604) 499-7847
E-mail: johnk@sugarbud.caInvestor
Relations ContactChris
MoulsonChief Financial OfficerSugarbud
Craft Growers Corp.Tel: (778) 388-8700E-mail:
chrism@sugarbud.ca |
Websites:
http://www.sugarbud.ca/http://craftcannabiscollection.ca
Address: Suite 620, 634 - 6th Avenue S.W.,
Calgary, Alberta T2P 0S4
Forward Looking and Cautionary Statements
This news release contains forward-looking
statements. More particularly, and without limitation, this news
release contains statements concerning: Sugarbud's assessment of
future plans, operations and cannabis cultivation, including sales,
marketing and distribution opportunities; and the Company's ability
to remain operating in accordance with developing public health
efforts to contain COVID-19. When used in this document, the words
"will," "anticipate," "believe," "estimate," "expect," "intent,"
"may," "project," "should," and similar expressions are intended to
be among the statements that identify forward-looking statements.
The forward-looking statements are founded on the basis of
expectations and assumptions made by Sugarbud. Forward-looking
statements are subject to a wide range of risks and uncertainties,
and although Sugarbud believes that the expectations represented by
such forward-looking statements are reasonable, there can be no
assurance that such expectations will be realized. Any number of
important factors could cause actual results to differ materially
from those in the forward-looking statements including, but not
limited to: currently contemplated expansion and development plans
may cease or otherwise change; production of cannabis may be lower
than expected; ability to ship cannabis products may be lower than
expected; demand for Sugarbud's products may be lower than
anticipated; results of production and sale activities; results of
scientific research; changes in prices and costs of inputs; demand
for labour; demand for products; failure of counter-parties to
perform contractual obligations; failure to maintain consumer brand
recognition and loyalty of customers; reliance on relationships
with wholesalers and retailers for distribution of products and
failure to maintain strategic business relationships; intense
competition, including from illicit sources; uncertainty and
continued evolution of markets; product liability litigation;
reliance on information technology; infringement on intellectual
property; failure to benefit from partnerships; sensitivity of
end-customers to increased sales taxes and economic conditions;
failure to comply with certain regulations; departure of key
management personnel or inability to attract and retain talent;
actions and initiatives of federal and provincial governments and
changes to government actions, initiatives and policies and the
execution and impact thereof; the ability to implement corporate
strategies; the state of domestic capital markets; the ability to
obtain financing; changes in general market conditions; industry
conditions and events; the size of the medical marijuana market and
the recreational marijuana market; government regulations,
including future legislative and regulatory developments involving
medical and recreational marijuana; construction delays; risks
inherent in the agricultural business, such as insects, plant
diseases and similar agricultural risks which can have a
significant impact on the size and quality of the harvest of
cannabis crops; competition from other industry participants; and
other factors more fully described from time to time in the reports
and filings made by Sugarbud with securities regulatory
authorities. In addition, the Company cautions that current global
uncertainty with respect to the spread of the COVID-19 virus and
its effect on the broader global economy may continue to have a
significant negative effect on the Company. While the precise
impact of the COVID-19 virus on the Company remain unknown, rapid
spread of the COVID-19 virus may continue to have a material
adverse effect on global economic activity, and can result in
volatility and disruption to global supply chains, operations,
mobility of people and the financial markets, which could affect
interest rates, credit ratings, credit risk, inflation, business,
financial conditions, results of operations and other factors
relevant to the Company. Please refer to Sugarbud's AIF and
MD&A for additional risk factors relating to Sugarbud, which
can be accessed under Sugarbud's profile on www.sedar.com. Except
as required by applicable laws, Sugarbud does not undertake any
obligation to publicly update or revise any forward-looking
statements.
This news release provides certain financial
measures that do not have a standardized meaning prescribed by
International Financial Reporting Standards ("IFRS"). These
non-IFRS financial measures may not be comparable to similar
measures presented by other issuers. EBITDA (meaning earnings
before interest, taxes, depreciation and amortization) is not a
recognized measure under IFRS. Management uses certain industry
benchmarks, such as EBITDA to analyze financial and operating
performance. These metrics are useful to investors and research
securities analysts in evaluating operating performance. These
benchmarks do not have any standardized meaning prescribed by IFRS
and therefore may not be comparable with the calculation of similar
measures for other entities. Please refer to the MD&A for
additional information relating to non-IFRS measures, including the
Company’s calculation of EBITDA.
Neither the TSXV nor its regulation
services provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
release.
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